Romanian capitalism

Ionut Popescu explains the fate of Romania's small shareholders with the example of Petromidia oil refinery. "Today the average share price is around 0.02 Euros. Four years down the road it is lower than at the beginning, even if the privatisation of the refinery was a success story. Meanwhile, the enterprise's principal shareholder has become one of the richest men in Romania, because he sold the pearls of the crown. The money of all those who invested alongside the Romanian entrepreneur four years ago has disappeared, although their majority partner was extraordinarily rich. By contrast, Microsoft owner Bill Gates' shareholders became rich along with him. In both cases we talk about legal business dealings. But the fate of small shareholders shows us what kind of capitalism we have in Romania and how much it differs from that in America."

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